Dec 13 2006
First time buyers who are struggling to get a foot on the property ladder received good news today (Tuesday 12 December) as the Government agency leading the rejuvenation of communities across England announced the next step in plans to provide an additional 15,000 new homes for affordable sale by 2010.
English Partnerships’ "First-Time Buyers' Initiative" will provide new affordable homes exclusively for first time buyers. The homes will be in addition to those funded for affordable home ownership through other Government programmes.
Duncan Innes, the English Partnerships Director responsible for the First -Time Buyers' Initiative said, “These 15,000 new affordable homes are in addition to those funded under existing Programmes and will provide a real opportunity for first time buyers in communities where they are needed most.
“The pilots represent a cross section of the type of developments we consider potentially suitable for funding under the full initiative, and by running them now we will be able to build on lessons learnt and offer our successful partners a more efficient start. And that ultimately means the quickest and best deal for first time buyers.”
The four pilot developments – which are already under construction and are expected to provide the first tranche of 250 new homes – are:
- Axiom, Feltham – Barratt Homes – up to 70 FTBI homes
- Beaufort Park, Hendon – St George – up to 50 FTBI homes
- Chimney Pot Park, Salford – Urban Splash - up to 91 FTBI homes Admiralty Quarter,
- Portsmouth – Crest Nicholson – Up to 36 FTBI homes
In July English Partnerships announced a £100m competition for private developers and RSLs to put forward schemes that could increase the level of affordable homes for first time buyers as part of a countrywide scheme. This initial budget, available over the next two years, has been earmarked to allow homes to be sold to first time buyers. Around 50 percent of the new homes will be reserved for key workers, with the remaining 50 percent being open to local people priced out of the property market, or considered in priority need by the Regional Housing Board.
It is estimated that around 40 per cent of the target of up to 15,000 homes by 2010 will be supplied as a result of English Partnerships working with private sector and RSL partners.